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Steven Gallagher Arrested For Using Twitter To Run Pump And Dump Scheme
Posted
November 3, 2021
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318
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November 3, 2021
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2:12Now PlayingAnother pump and dump scheme but this one ended in arrest! Check out the video to learn why!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
A man named Steven Gallagher was just arrested for running a pump and dump scheme. Allegedly, Gallagher promoted Penny Stocks through his popular Twitter account @AlexDelarge6553, which has since been deleted. While promoting these Penny Stocks, he was simultaneously dumping shares. This guy was able to net $1 million doing so.
Steven Gallagher was charged with securities fraud, wire fraud, and market manipulation. He took advantage of the meme stock craze and investing FOMO to make money off of unsuspecting retail investors. Thankfully, the SEC has been cracking down on pump and dump schemes now that more educated people are joining the market.
It is obviously okay to jump at an opportunity within the market but it has to be ethical. But if you prey on people’s ignorance, gaining their trust, and playing with their money is not okay. Also, these things tend to happen when so many people aren’t financially literate. This is why we need to normalize conversations around financial literacy.
Do you think the IRS is focusing on the wrong group of people? Let us know in the comments below.
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